Crossrail could boost house prices by up to 44 per cent at key London hotspots

Crossrail could boost house prices by up to 44 per cent at key London hotspots

Crossrail, the £15.9 billion rail project already under construction, could boost property prices in key areas of London and outlying areas.

The track will connect Maidenhead in the west with Shenfield in Essex in the east and will run through central London where they will be nine stations.

There will be 118 km (73 miles) of track, with trains consisting of ten cars. The trains will travel frequently, with approximately 24 trains per hour in both directions. Crossrail will connect Berkshire, Buckinghamshire and Essex with Greater London.

As well as its £42 billion economy boost, experts say it will have a major impact on London house prices in key areas. With so much potential from the rail link, investors and property buyers are keen to move into the hot spots around the line.

With 37 stations planned, it is estimated that the track will put 1.5 million people within 45 minutes of Central London and once stations open in 2018, house prices in areas served by the link should rise substantially.

Crossrail stations will also be businesses centres, with more than 3 million square feet of new shops, offices and homes being built around and above. This is creating development plans such as a new Goldman Sachs headquarters at Farringdon Station.

In Central London there will be stations at Woolwich, Custom House, Canary Wharf, Whitechapel, Liverpool Street, Farringdon, Tottenham Court Road, Bond Street and Paddington. There will also be a connection to Heathrow.

Crossrail, owned as a 100% subsidiary of Transport for London, is one of the largest and most significant infrastructure projects ever undertaken in England. It will significantly improve commuter journey times across London, as it eases congestion and gives better rail connections.

It is estimated that London house prices along the Crossrail route could increase by up to 44 percent between now and 2018 when Crossrail opens. Although the areas around the main Central London stations will benefit the most in terms of house values, areas in outer London such as Essex and Berkshire could also see significant rises in home values.

Ealing and Woolwich are expected to have massive growth, as well as the area around Canary Wharf, which will be directly connected to Heathrow.

Homebuyers are now increasingly looking at the key areas along the new route. Ealing will connect commuters with most of the main employment centres and this will obviously impact on local property values. Home owners living in the west of London will also benefit, as travel times to Bond Street and Canary Wharf will effectively be halved.

Developers are expecting an increase in demand for apartment living in the suburbs as well. Since travel times will be reduced, those currently opting for city life are more likely to be tempted out of the capital.

Dickens Yard will have 698 new flats along with much regeneration and Shenfield, at the end of the line in the east, is expected to become a hotspot commuter town. Other key areas include a new station at Imperial Wharf, High Point Village and West Drayton.

Family homes here are still relatively affordable for London region prices at the moment, making them a great investment for prospective homebuyers or investors.

About the Author